Hardick Bora 4QCY12 Results Update Sector: Healthcare Sanofi India CMP: INR2,307 TP: INR2,015 Neutral
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- Prosper Harper
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1 BSE Sensex S&P CNX 19,332 5,855 Bloomberg SANL IN Equity Shares (m) 23.0 M.Cap. (INR b)/(usd b) 53.1/ Week Range (INR) 2,450/2,002 1,6,12 Rel. Perf. (%) 9/-1/-4 Financials & Valuation (INR b) Y/E Dec E 2014E Sales EBITDA Net Profit Adj. EPS (INR) EPS Gr. (%) BV/Sh. (INR) RoE (%) RoCE (%) Payout (%) Valuations P/E (x) P/BV (x) EV/EBITDA (x) Div. Yield (%) February QCY12 Results Update Sector: Healthcare Sanofi India CMP: INR2,307 TP: INR2,015 Neutral Sanofi India's (SANL) 4QCY12 operational performance was above estimates, with 18.6% YoY growth in net sales to INR4b (v/s est INR3.93b) and 28.6% YoY growth in EBITDA to INR507m (v/s est INR477m). EBITDA margin expanded by 100bp YoY to 12.7%, higher than estimate of 12%, mainly due to lower other expenses. Adj PAT grew 24.3% YoY to INR448m and was higher than our estimate of INR377m, boosted by higher other income (INR382m v/s est of INR279m). PAT growth is lower than the EBITDA growth due to change in accounting policy (since 3QCY12), which has increased depreciation & amortization cost. The company, as in the past, indicated that for the domestic business, rural and OTC segment will be key growth drivers in the future, and it is likely to incur some extra expenditure for establishing a presence in these segments. This is likely to pressurize short term profitability. We believe SANL will be one of the key beneficiaries of the patent regime in the long term. The parent has a strong R&D pipeline with a total of 64 products (including vaccines) undergoing clinical trials, of which 17 are in Phase-III or pending approvals, some of which are likely to be launched in India. However, SANL's profitability has declined significantly in the last 6 years, with EBITDA margin declining from 25% for CY06 to 15.6% for CY12, mainly impacted by discontinuation of Rabipur sales in the domestic market, lower export growth and higher staff & promotional expenses. RoE declined from 28.6% to 14.8% over the same period. Post 4QCY12 performance, we have retained our EPS estimates for CY13E/CY14E as the outperformance during the quarter was mainly driven by higher other income, which we conservatively expect to normalize over the next two years. Based on our estimates, the stock is valued at 26.7x CY13E and 22.9x CY14E EPS. We believe the stock performance is likely to remain muted in the short term, until clarity emerges on future growth drivers. Maintain Neutral with a target price of INR2,015 (20x CY14E EPS). Hardick Bora (Hardick.Bora@MotilalOswal.com) 1 Investors are advised to refer through disclosures made at the end of the Research Report.
2 Revenue growth likely to have been led by domestic business SANL's 4QCY12 operational performance was above estimates, with 18.6% YoY growth in net sales to INR4b (v/s est INR3.93b) and 28.6% YoY growth in EBITDA to INR507m (v/s est INR477m). Company has stopped giving revenue break-up between domestic formulation and export revenues. We believe top line growth is led by strong growth in domestic formulation revenues on the back of consolidation of Universal Medicare acquisition. Export revenues are likely to have grown this quarter. Revenue trend Source: Company, MOSL EBITDA was above estimate EBITDA grew 28.6% YoY to INR507m (v/s est INR477m). EBITDA margin expanded by 100bp YoY to 12.7%, higher than our estimate of 12%, mainly due to lower other expenses. Adj PAT grew 24.3% YoY to INR448m and was higher than our estimate of INR377m, boosted by higher other income (INR382m v/s est of INR279m). PAT growth is lower than the EBITDA growth on account of a change in company's accounting policy (since 3QCY12), which led to an increase in depreciation & amortization cost. The change resulted in a fixed amortization schedule chalked out to write off goodwill from the Universal acquisition (INR1.252b). Also, amortization of brands and technical knowhow acquired from Universal (not present in CY12) have impacted profits (amount not disclosed). EBITDA and margin trend Source: Company, MOSL 26 February
3 The company, as in the past, indicated that for the domestic business, rural and OTC segment will be key growth drivers in the future, and it is likely to incur some extra expenditure for establishing a presence in these segments. This is likely to pressurize short term profitability. Domestic formulations - new product introductions hold the key We believe SANL is well-placed to benefit from the introduction of product patents, given its strengths in marketing, a supportive parent and a healthy product pipeline (of NCEs). SANL's history of launching patented products in India, a well-mapped portfolio vis-à-vis the parent and ability to build them into big brands make it one of the potential beneficiaries of the product patent regime in India. Further, it is planning to strengthen the portfolio in diabetes segment. We believe that the patent regime will bring significant benefits to SANL, albeit in the long term. Company is yet to give any long term visibility on launch of patented products in India. It is not planning to launch any product from the parent's pipeline in CY11. The parent (Sanofi-Aventis) currently has 64 projects in research and development, including ~35 in late stage (Phase II & III) development and registration. Around 20% of the product development pipeline consists of vaccines. The table below shows parent's R&D pipeline: SANL - Parent's NCE Pipeline No of projects Phase I Phase II Phase III Registration Total Therapeutic area Metabolic Disorders Oncology Genetic Diseases Thrombosis Central Nervous System Internal Medicine Ophthalmology Aging Vaccines Total Source: Company, MOSL Rural initiatives and entry into OTC segment - long term positive but may pressurize profitability in short term SANL is among the few MNCs which are focusing on rural India. Given increasing disposable income, various government initiatives to improve rural healthcare infrastructure and low competition, SANL may benefit from its early entry into this segment. Management believes that it has made strong progress with project 'Prayas' and will continue to invest resources on the project. 'Prayas' is present in 14 states of India and has engaged more than 10,000 doctors and conducted over 2,000 workshops. However, we believe that this will not contribute significantly to revenues in the short-to-medium term. Rather, it is a long term positive. In the short term, this initiative is likely to pressurize SANL's profitability, given investments required in establishing a presence in this segment and the relatively lower profitability of this market. Rural division generated revenues of INR185m in CY10. However, according to the management, rural division is expected to break even in the next 3 years. On the back 26 February
4 of success in 'Prayas', SANL has launched other initiatives like 'I am a Champ', 'Saath 7' and 'Together for More'. Further, company's entry into OTC segment is likely to keep margins under pressure as it requires higher advertising spend. Valuation and view We believe SANL will be one of the key beneficiaries of the patent regime in the long term. The parent has a strong R&D pipeline with a total of 64 products (including vaccines) undergoing clinical trials, of which 17 are in Phase-III or pending approvals, some of which are likely to be launched in India. However, SANL's profitability has declined significantly in the last 6 years, with EBITDA margin declining from 25% for CY06 to 15.6% for CY12, mainly impacted by discontinuation of Rabipur sales in the domestic market, lower export growth and higher staff & promotional expenses. RoE declined from 28.6% to 14.8% over the same period. Post 4QCY12 performance, we have retained our EPS estimates for CY13E/CY14E as the outperformance during the quarter was mainly driven by higher other income, which we conservatively expect to normalize over the next two years. Our estimates exclude potential adverse impact of the proposed New Pharma Pricing Policy and its pending implementation. However, we believe the policy will adversely impact MNCs like GLXO and SANL and hence expect a downgrade in our estimates, post implementation of the policy. Based on our estimates, the stock is valued at 26.7x CY13E and 22.9x CY14E EPS. We believe the stock performance is likely to remain muted in the short term, until clarity emerges on future growth drivers. Maintain Neutral with a target price of INR2,015 (20x CY14E EPS). 26 February
5 Sanofi India (SANL): an investment profile Company description Sanofi India (60% subsidiary of Sanofi Aventis, France) is the fifth largest MNC and among top 15 formulation players in India. Company has built a robust franchise in chronic therapies like anti-diabetes, oncology and CVS, thus realigning its domestic portfolio with the parent. Key investment arguments SANL is well-placed to benefit from the introduction of product patents, given its strengths in marketing, a supportive parent and a healthy NCE product pipeline of parent company. Its history of launching patented products in India, a well-mapped portfolio vis-à-vis the parent and ability to build them into big brands make it one of the potential beneficiaries of the product patent regime in India. SANL is among the few companies which are focusing on rural India. Given the increasing disposable income, various government initiatives to improve rural healthcare infrastructure and low competition, it may benefit from an early entry into this segment. Key investment risks Biggest risk to SANL could be the implementation of new pharmaceutical policy in the current form. The new policy proposes to significantly increase the span of control by bringing a total of 348 drugs under Comparative valuations Sanofi India GSK PP/E (x) CY13E CY14E P/BV (x) CY13E CY14E EV/Sales (x) CY13E CY14E EV/EBITDA (x) CY13E CY14E price control. This could severely impact the profitability of its business. Possible pre-grant and post-grant patent challenges by domestic generic companies could hamper the plans and prospects to launch patented product. Recent developments Launched Combiflam Plus line extension in February 2013 Valuation and view SANL will be one of the key beneficiaries of the patent regime in the long term. In the long term, focus on growing strategic brands and strong support from the parent will augur well for the company. The stock is valued at 26.7x CY13E and 22.9x CY14E earnings. We maintain Neutral. Sector view The domestic market is expected to witness 14-15% growth, with gradual increase in the low penetration levels - companies with strong brands and marketing muscle to benefit. IPR regime unlikely to lead to any major change in the near term; MNCs and large Indian players to gain over the longer term. We are bullish on MNCs whose domestic portfolio is well-aligned with its parent and where risk of conflict with 100% subsidiaries is limited. EPS: MOSL forecast v/s consensus (INR) MOSL Consensus Variation Forecast Forecast (%) CY CY Target Price and Recommendation Current Target Upside Reco. Price (INR) Price (INR) (%) 2,307 2, Neutral Stock performance (1 year) Shareholding pattern (%) Dec-12 Sep-12 Dec-11 Promoter Domestic Inst Foreign Others February
6 Financials and Valuation 26 February
7 N O T E S 26 February
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BSE Sensex S&P CNX 24,377 7,276 Stock Info Bloomberg DITV IN Equity Shares (m) 1,064.8 52-Week Range (INR) 71/40 1, 6, 12 Rel. Per (%) 6/-15/-41 M.Cap. (INR b) 58.2 M.Cap. (USD b) 1.0 Financial Snapshot
More informationJaypee Infratech. CMP: INR33 TP: INR45 Buy
BSE SENSEX S&P CNX 2,550,318 Bloomberg JPIN IN Equity Shares (m) 1,388.9 M.Cap. (INR b) / (USD b) 51.3/0.9 52-Week Range (INR) 2/1 1,, 12 Rel. Per (%) 1/9/-3 Financials & Valuation (INR m) Y/E Mar 201
More informationCMP: INR121 TP: INR193 Buy
BSE SENSEX S&P CNX 17,085 5,139 20 October 2011 2QFY12 Results Update Sector: Metals Hindustan Zinc CMP: INR121 TP: INR193 Buy Bloomberg HZ IN Equity Shares (m) 4,225.3 52-Week Range (INR) 155/109 1,6,12
More informationShoppers Stop. CMP: INR339 TP: INR355 Neutral
BSE SENSEX S&P CNX 20,684 6,145 Bloomberg SHOP IN Equity Shares (m) 83.1 M.Cap. (INR b) / (USD b) 28.1/0.5 52-Week Range (INR) 494/331 1, 6, 12 Rel. Per (%) -7/-16/-28 Financials & Valuation (INR b) Y/E
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BSE Sensex S&P CNX 20,860 6,217 19 December 2013 Update Sector: Capital Goods Cummins India CMP: INR461 TP: INR540 Buy Stock Info Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 550/365 1,
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BSE SENSEX S&P CNX 17,849 5,416 Bloomberg SUNP IN Equity Shares (m) 1,035.6 52-Week Range (INR) 566/404 1,6,12 Rel. Perf. (%) -3/10/31 M.Cap. (INR b) 573.7 M.Cap. (USD b) 11.6 15 February 2012 3QFY12 Results
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BSE Sensex S&P CNX 19,664 5,969 Bloomberg IIB IN Equity Shares (m) 521.8 M. Cap. (INR b)/(usd b) 227/4.1 52-Week Range (INR) 441/242 1,6,12 Rel.Perf.(%) 3/15/52 Financials & Valuation (INR b) Y/E March
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BSE SENSEX S&P CNX 16,839 5,100 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,144/703 1,6,12 Rel.Perf.(%) -8/-24/-28 M.Cap. (INR b) 242.8 M.Cap. (USD b) 4.4 30 July 2012 1QFY13 Results
More informationJust Dial. CMP: INR1,129 TP: INR1,475 Buy
BSE SENSEX S&P CNX 23,871 7,109 Bloomberg JUST IN Equity Shares (m) 70.2 M.Cap. (INR b) / (USD b) 79.2/1.3 52-Week Range (INR) 1,774/589 1, 6, 12 Rel. Per (%) -18/-7/- Financials & Valuation (INR m) Y/E
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BSE SENSEX S&P CNX 25,665 7,672 Bloomberg AMRJ IN Equity Shares (m) 170.8 M.Cap. (INR b) / (USD b) 88.2/1.4 52-Week Range (INR) 520/208 1, 6, 12 Rel. Per (%) 5/21/97 Financials & Valuation (INR Million)
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BSE SENSEX S&P CNX 16,312 4,951 Bloomberg JPA IN Equity Shares (m) 2,126.5 52-Week Range (INR) 89/50 1,6,12 Rel. Perf. (%) -14/-4/-17 M.Cap. (INR b) 127.9 M.Cap. (USD b) 2.3 31 May 2012 4QFY12 Results
More informationPetronet LNG. CMP: INR146 TP: INR205 Buy
BSE SENSEX S&P CNX 17,236 5,229 Bloomberg PLNG IN Equity Shares (m) 750.0 52-Week Range (INR) 186/122 1,6,12 Rel. Perf. (%) 3/-11/-10 M.Cap. (INR b) 109.7 M.Cap. (USD b) 2.0 1 August 2012 1QFY13 Results
More informationPunjab National Bank. CMP:INR1,103 TP:INR1,500 Buy
BSE SENSEX S&P CNX 18,210 5,488 28 July 2011 1QFY12 Results Update Sector: Banking Punjab National Bank CMP:INR1,103 TP:INR1,500 Buy Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,395/971
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BSE SENSEX S&P CNX 17,207 5,223 Bloomberg IDBI IN Equity Shares (m) 1,278.4 52-Week Range (INR) 154/77 1,6,12 Rel.Perf.(%) -1/0/-7 M.Cap. (INR b) 135.5 M.Cap. (USD b) 2.6 24 April 2012 4QFY12 Results Update
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BSE SENSEX S&P CNX 18,755 5,698 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 745/370 1,6,12 Rel. Perf. (%) 4/17/67 M.Cap. (INR b) 246.4 M.Cap. (USD b) 4.6 5 November 2012 2QFY13 Results
More informationKotak Mahindra Bank. CMP: INR495 TP: INR429 Neutral
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg KMB IN Equity Shares (m) 689.3 52-Week Range 515/333 1,6,12 Rel.Perf.(%) 0/12/31 M.Cap. (Rs b) 340.5 M.Cap. (US$ b) 6.7 25 January 2012 3QFY12 Results Update Sector:
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BSE SENSEX S&P CNX 16,420 4,966 Bloomberg JUBI IN Equity Shares (m) 63.5 52-Week Range (INR) 1,144/536 1,6,12 Rel. Perf. (%) -6/37/53 M.Cap. (INR b) 66.7 M.Cap. (USD b) 1.3 11 May 2012 4QFY12 Results Update
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BSE SENSEX S&P CNX 17,234 5,205 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 672/349 1,6, 12 Rel.Perf.(%) 22/2/-13 M.Cap. (INR b) 205.6 M.Cap. (USD b) 4.1 31 January 2012 3QFY12 Results
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BSE Sensex S&P CNX 19,990 6,069 Bloomberg FRL IN Equity Shares (m) 217.1 M.Cap. (INR b)/(usd b) 33.4/0.6 52-Week Range (INR) 276/127 1,6,12 Rel. Perf. (%) -10/-32/-20 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 17,384 5,254 Bloomberg JSTL IN Equity Shares (m) 223.1 52-Week Range (INR) 885/464 1,6,12 Rel. Perf. (%) -5/-12/-10 M.Cap. (INR b) 149.5 M.Cap. (USD b) 2.7 Valuation summary (INR b)
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BSE SENSEX S&P CNX 18,625 5,664 29 October 2012 2QFY13 Results Update Sector: Consumer Dabur India CMP: INR130 TP: INR135 Neutral Bloomberg DABUR IN Equity Shares (m) 1,740.7 52-Week Range (Rs) 139/92
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BSE SENSEX S&P CNX 21,034 6,252 Bloomberg GPL IN Equity Shares (m) 99.6 M.Cap. (INR b) / (USD b) 36.4/ 0.7 52-Week Range (INR) 641/340 1, 6, 12 Rel. Per (%) -1/-44/-47 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 16,070 4,870 Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 515/322 1,6,12 Rel. Perf. (%) -3/30/-4 M.Cap. (INR b) 119.2 M.Cap. (USD b) 2.2 17 May 2012 4QFY12 Results Update
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BSE SENSEX S&P CNX 16,786 5,050 Bloomberg LT IN Equity Shares (m) 608.9 52-Week Range (INR) 1,933/971 1,6,12 Rel. Perf. (%) 20/-19/-11 M.Cap. (INR b) 778.1 M.Cap. (USD b) 15.5 * Consolidated; EPS is fully
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BSE SENSEX S&P CNX 18,793 5,717 Bloomberg MMFS IN Equity Shares (m) 102.7 52-Week Range (INR) 938/590 1,6,12 Rel.Perf.(%) 7/24/30 M.Cap. (INR b) 90.7 M.Cap. (USD b) 1.7 23 October 2012 2QFY13 Results Update
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BSE SENSEX S&P CNX 18,759 5,705 Bloomberg KMB IN Equity Shares (m) 740.7 52-Week Range (INR) 652/418 1,6,12 Rel.Perf.(%) -3/-2/18 M.Cap. (INR b) 463.4 M.Cap. (USD b) 8.6 26 October 2012 2QFY13 Results
More informationAxis Bank. CMP: INR1,119 TP: INR1,330 Buy
BSE SENSEX S&P CNX 18,714 5,687 Bloomberg AXSB IN Equity Shares (m) 413.2 52-Week Range (INR) 1,309/785 1,6,12 Rel.Perf.(%) 9/-16/-8 M.Cap. (INR b) 462.4 M.Cap. (USD b) 8.7 16 October 2012 2QFY13 Results
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BSE SENSEX S&P CNX CMP: INR103 TP: INR185 Buy 17,077 5,158 Bloomberg GODPI IN Equity Shares (m) 31.8 52-Week Range (INR) 200/70 1,6,12 Rel. Perf. (%) 32/-31/-33 M.Cap. (INR b) 3.3 M.Cap. (USD m) 65.3 Consolidated
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BSE SENSEX S&P CNX 18,431 5,598 Bloomberg MSIL IN Diluted Equity Shares (m) 302.1 52-Week Range (INR) 1,498/906 1,6,12 Rel.Perf.(%) 5/-5/20 M.Cap. (INR b) 421.3 M.Cap. (USD b) 7.8 31 October 2012 2QFY13
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BSE Sensex S&P CNX 26,272 7,831 24 July 2014 Update Sector: Healthcare Ipca Laboratories CMP: INR728 TP: INR930 Buy Stock Info Bloomberg IPCA IN Equity Shares (m) 126.2 52-Week Range (INR) 907/609 1, 6,
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28 July 2011 1QFY12 Results Update Sector: FMCG BSE SENSEX S&P CNX 18,210 5,488 Dabur India CMP: INR106 TP: INR94 Neutral Bloomberg DABUR IN Equity Shares (m) 1,740.0 52-Week Range (INR) 122/87 1,6,12
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BSE Sensex S&P CNX 19,895 6,035 Bloomberg GRASIM IN Equity Shares (m) 91.7 M.Cap. (INR b)/(usd b) 275.8/5.2 52-Week Range (INR) 3,511/2,216 1,6,12 Rel. Perf. (%) -8/-12/-1 Financials & Valuation (INR b)
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BSE SENSEX S&P CNX 16,219 4,924 1 June 2012 6QSY12 Results Update Sector: Sugar CMP: INR26 TP: INR45 Buy Bloomberg SHRS IN Equity Shares (m) 671.0 52-Week Range (INR) 76/23 1,6,12 Rel. Perf. (%) -10/-16/-45
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BSE SENSEX S&P CNX 16,739 5,049 Bloomberg AXSB IN Equity Shares (m) 410.5 52-Week Range 1,461/785 1,6,12 Rel.Perf.(%) 11/-9/-9 M.Cap. (INR b) 413.8 M.Cap. (USD b) 8.2 20 January 2012 Results Update Sector:
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BSE SENSEX S&P CNX 17,773 5,390 Bloomberg PF IN Equity Shares (m) 217.1 52-Week Range (INR) 364/125 1,6,12 Rel. Perf. (%) 9/-49/-29 M.Cap. (Rs b) 38.4 M.Cap. (US$ b) 0.8 14 February 2012 2QFY12 Results
More informationHindalco. CMP: INR113 TP: INR151 Buy
BSE SENSEX S&P CNX 18,817 5,724 Bloomberg HNDL IN Equity Shares (m) 1,990.0 52-Week Range (INR) 165/100 1,6,12 Rel. Perf. (%) -9/-18/-26 M.Cap. (INR b) 224.9 M.Cap. (USD b) 4.1 Consolidated 2QFY13 Results
More informationCMP: INR320 TP: INR164(-49%) Sell Intending to exit UK execution is key!
31 March 2016 Update Sector: Metals Tata Steel BSE SENSEX S&P CNX 25,342 7,738 Stock Info Bloomberg TATA IN Equity Shares (m) 971.2 52-Week Range (INR) 384/200 1, 6, 12 Rel. Per (%) 18/54/10 M.Cap. (INR
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BSE SENSEX S&P CNX 23,089 7,019 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b) / (USD b) 201/2.9 52-Week Range (INR) 518 / 370 1, 6, 12 Rel. Per (%) 3/3/6 Avg Val (INR m) 128 Free float (%)
More informationCMP: INR415 TP: INR 471 BUY
04 Mar 2013 Update Sector: Technology Wipro CMP: INR415 TP: INR 471 BUY Pipeline and deal signings suggest improvement in growth; Multiple levers and focus on productivity will cushion margin headwinds
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BSE SENSEX S&P CNX 17,194 5,199 Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,234/751 1,6,12 Rel.Perf.(%) 9/-10/-9 M.Cap. (INR b) 297.7 M.Cap. (USD b) 6.0 1 February 2012 3QFY12 Results
More informationPunjab National Bank. CMP: INR768 TP: INR963 Buy
BSE SENSEX S&P CNX 16,480 4,975 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,200/751 1,6,12 Rel.Perf.(%) -12/-16/-18 M.Cap. (INR b) 260.5 M.Cap. (USD b) 4.8 10 May 2012 4QFY12 Results
More informationFinancial integrity intact; FDA resolution the key
BSE Sensex S&P CNX 25,842 7,843 19 November 2015 Update Sector: Healthcare Dr. Reddy s Lab CMP: INR3,287 TP: INR4,000 (+22%) Buy Stock Info Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap. (INR b)/(usd
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BSE SENSEX S&P CNX 18,197 5,482 29 July 2011 1QFY12 Results Update Sector: FMCG Hindustan Unilever CMP:INR324 TP:INR302 Neutral Bloomberg HUVR IN Equity Shares (m) 2,159.5 52-Week Range (INR) 347/250 1,6,12
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BSE SENSEX S&P CNX 24,646 7,485 4 March 2016 Update Sector: Capital Goods Siemens CMP: INR1,044 TP: INR970 (-7%) Neutral Sale of Healthcare business margin accretive Stock Info Bloomberg SIEM IN Equity
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BSE Sensex S&P CNX 19,576 5,944 Bloomberg GRASIM IN Equity Shares (m) 91.7 M.Cap. (INR b)/(usd b) 270.6/5.0 52-Week Range (INR) 3,511/2,216 1,6,12 Rel. Perf. (%) 2/-17/5 Financials & Valuation (INR b)
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BSE SENSEX S&P CNX 17,151 5,202 Bloomberg OBER IN Equity Shares (m) 328.2 52-Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 4/15/16 M.Cap. (INR b) 87.0 M.Cap. (USD b) 1.7 26 April 2012 4QFY12 Results Update
More informationMonnet Ispat. CMP: INR449 TP: INR518 Neutral
4QFY12 Results Update Sector: Metals Monnet Ispat BSE SENSEX S&P CNX 16,328 4,943 CMP: INR449 TP: INR518 Neutral Bloomberg MISP IN Equity Shares (m) 64.4 52-Week Range (INR) 561/305 1,6,12 Rel. Perf. (%)
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8 December 2015 Update Sector: Consumer Hindustan Unilever BSE SENSEX S&P CNX 25,310 7,702 CMP: INR826 TP: INR810 (-2%) Neutral Maneuvering pricing in a deflationary environment Delayed winter a risk for
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31 August 2016 ECOSCOPE The Economy Observer Real GDP growth eases on lower net indirect taxes Real GVA growth exactly as expected India s real gross domestic product (GDP) grew at the slowest pace in
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BSE SENSEX S&P CNX 18,636 5,666 Bloomberg BHEL IN Equity Shares (m) 2,447.6 52-Week Range (INR) 368/198 1,6,12 Rel. Perf. (%) -7/-7/-35 M.Cap. (INR b) 556.2 M.Cap. (USD b) 10.3 30 October 2012 2QFY13 Results
More informationEicher Motors. CMP: INR9,281 TP: INR11,401 Buy
BSE SENSEX S&P CNX 25,881 7,727 Bloomberg EIM IN Equity Shares (m) 27.1 M.Cap. (INR b) / (USD b) 251.5/4.1 52-Week Range (INR) 9,350/2,975 1, 6, 12 Rel. Per (%) 9/83/144 Financials & Valuation (INR Million)
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BSE SENSEX S&P CNX 18,682 5,684 Bloomberg OBER IN Equity Shares (m) 328.2 52-Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 13/-7/7 M.Cap. (INR b) 88.3 M.Cap. (USD b) 1.6 22 October 2012 2QFY13 Results
More informationITC. CMP: INR201 TP: INR230 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg ITC IN Equity Shares (m) 7,738.1 52-Week Range (INR) 211/149 1,6,12 Rel. Perf. (%) 3/23/38 M.Cap. (INR b) 1,601.0 M.Cap. (USD b) 32.1 21 January 2012 Results Update
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BSE Sensex S&P CNX 24,717 7,359 Stock Info Bloomberg TVSL IN Equity Shares (m) 475.1 52-Week Range (INR) 138/28 1, 6, 12 Rel. Per (%) 34/111/210 M.Cap. (INR b) 59.1 M.Cap. (USD b) 1.0 Financial Snapshot
More informationBritannia Industries. CMP: INR546 TP: INR605 Upgrade to Neutral Volume growth bottoms out; Upgrade to Neutral
BSE SENSEX S&P CNX 19,016 5,783 Bloomberg BRIT IN Equity Shares (m) 119.5 M.Cap. (INR b)/(usd b) 65.2/1.2 52-Week Range (INR) 595/400 1,6,12 Rel. Perf. (%) 3/10/-13 Financials & Valuation (INR b) Y/E March
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2QCY2017 Result Update Pharmaceutical August 28, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 2QCY2017 1QCY2017 % chg (qoq) 2QCY2016 % chg (yoy) Net sales Other income Operating profit 556
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BSE SENSEX S&P CNX 27,238 8,400 Stock Info Bloomberg SRCM IN Equity Shares (m) 34.8 52-Week Range (INR) 18519/9350 1, 6, 12 Rel. Per (%) -2/-3/32 M.Cap. (INR b) 523.7 M.Cap. (USD b) 7.7 Avg Val, INRm 216.4
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